Suppose that in January 2006, Kenneth Cole Productions had sales of $518 million, EBITDA of $55.6 million, excess cash of $100 million, $3 million of debt, and 21 million shares outstanding. Sales 518.00EBITDA 55.60Cash 100.00Debt 3.00Shares outstanding 21(a) Using the average enterprise value to EBITDA multiple in Table 1, estimate KCP’s share price.(b) What range of share prices do you estimate based on the highest and lowest enterprise value to EBITDA multiples in Table 1? (high/low prices)(c) Using the average enterprise value to sales multiple in Table 1, estimate KCP’s share price.(d) What range of share prices do you estimate based on the highest and lowest enterprise value to sales multiples in Table 1? (high/low)Stock Prices and Multiples for the Footwear Industry, January 2006 (TABLE 1) Ticker Name Stock Market Enterprise P/E Price Enterprise Enterprise . Price ($) Cap Value /Book Value/ value/ ($ millions) ($ millions) Sales EBITDA NKE Nike 84.2 21,830 20,518 16.64 3.59 1.43 8.75PMMAY Puma AG 312.05 5,088 4,593 14.99 5.02 2.19 9.02RBK Reebok 58.72 3,514 3,451 14.91 2.41 0.9 8.58WWW Wolverine World Wide 22.1 1,257 1,253 17.42 2.71 1.2 9.53BWS Brown Shoe 43.36 800 1,019 22.62 1.91 0.47 9.09SKX Sketchers 17.09 683 614 17.63 2.02 0.62 6.88SRR Stride Rite 13.7 497 524 20.72 1.87 0.89 9.28DECK Deckers Outdoor 30.05 373 367 13.32 2.29 1.48 7.44WEYS Weco Group 19.9 230 226 11.97 1.75 1.06 6.66RCKY Tocky Shoes & Boots 19.96 106 232 8.66 1.12 0.92 7.55DFZ R. G. Barry Corp. 6.83 68 92 9.2 8.11 0.87 10.75BOOT LaCross Footwear 10.4 62 75 12.09 1.28 0.76 8.3